FxWirePro: NZD/JPY Trade Idea

FxWirePro's Hourly Currency Strength Index bias for NZD/JPY: Bearish

FxWirePro's Hourly NZD Spot Index was at -82.0401: Bearish

FxWirePro's Hourly JPY Spot Index was at 106.336: Bullish

Technical Analysis: Bias bearish

- Upside in the pair fails to hold break above 20-DMA which is stiff resistance at 78.78

- Price action capped below 61.8% Fib at 78.79.

- RSI and Stochs have turned south, RSI below 50-levels

Support levels - 78.18 (Sept 7 low), 77.98 (May 30 low), 77.52 (trendline)

Resistance levels - 78.73 (5-DMA), 78.78 (20-DMA), 78.79 (61.8% Fib retrace of 75.626 to 83.910 rally)

Recommendation: Good to go short on rallies around 78.40, SL: 78.80, TP: 78.15/ 77.50

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